Sell it or Rent it? Newbie moving out of state.
Hi BP family! I wanted to get some opinions from you more seasoned investors on what you think I should do. I am a total real estate investing newbie. I'm about 100 episodes deep on the podcast, but have not jumped in yet. Thank you in advance for your time and advice! Details below.
-Current Residence = 4 bed, 2 bath, 1300 sqft, built 2003.
-Owe ~238K on it, refinanced recently and it appraised for 290K. Monthly mortgage/tax/insurance payment is $1334.
-I think I could rent it for ~$1500-$1600 based on other similar properties in the area on CL. Not 100% sure.
My wife and I are looking to move back to the midwest here in the next six months. So my question is, do I sell it and take the upside to invest in something when we get there, or do I have my first rental as an out of state landlord?
I know the cashflow would be thin and doesn't really leave room to save for CapEx. I imagine I would need to hire a property manager, but I might be able to get a friend to handle it for a price.
Let me know if you need more info in order for you to give me some wisdom! Thanks again!